Listen Now:
With mergers and acquisitions (M&As) potentially reshaping the landscape of academic medicine, we are honored to welcome Elza Mylona, PhD, MBA, to this week’s episode of the Faculty Factory Podcast to explore this emerging trend.
Dr. Mylona is the Senior Associate Dean for Faculty Affairs and Faculty Development and also serves as a Professor of Foundational Sciences at Methodist University Cape Fear Valley Health School of Medicine in Fayetteville, North Carolina.
In this timely discussion about a topic that impacts everyone the institution undergoing a merger or acquisition touches, we examine the economic and demographic pressures driving many of the M&As in academic medicine and beyond.
M&As, Teaching Hospitals, and Medical Schools
Dr. Mylona offers insights into what M&A activity means for teaching hospitals and medical schools, including its impact on faculty and the academic mission.
As the interview progresses, we learn from Dr. Mylona about the critical role of faculty affairs offices in navigating these changes. Transparency in this process becomes crucial for maintaining continuity in academic life and providing faculty with a sense of normalcy.
Communication is Everything
As the interview concludes, she also shares advice on internal communication strategies that can lead to successful transitions and offers tips on how to avoid the common pitfalls of cultural clashes, which can threaten the viability of mergers and hinder faculty engagement.
It’s no secret that faculty are the lifeblood of these organizations, and without their inclusion and voice in M&A processes, cultural issues are not uncommon.
“A culture clash is one of the top reasons mergers fail. And when we look at the literature, the number one factor in a successful merger is communication,” she told us.